January 23, 2002
ROCKVILLE, MD, January 23, 2002 – DrFirst.com, Inc. announced today that its original investors, impressed with the company’s successful execution of its business model, has invested an additional $2.3 million in the company. DrFirst will use the financing to begin expansion of DrFirst’s operations regionally as well as enhance its next generation product development.
“We are very pleased to conclude this round of financing and we appreciate the faith these investors have shown in us,” said James F. Chen, Chairman and CEO of DrFirst. “This capital permits us to seek to raise outside capital to expand the company to other geographic regions.”
DrFirst began operations on January 1, 2000. During its initial two years, DrFirst perfected its suite of communication, business, and clinical solutions for physicians, clinics, hospitals, and health systems as part of its goal of connecting health care providers to hospitals and other business partners securely and remotely. The DrFirst product lines include:
Secure Messaging Exchange
Physician electronic medical records and practice management solutions
Rcopia Network (including web and PDA-based electronic prescribing, charge capture, and secure messaging functionality)
DrFirst has developed a significant physician and hospital customer base during the past two years, focusing primarily on the mid-Atlantic region. DrFirst’s members include more than 300 hundred physicians using services in its network. DrFirst’s members include prominent physician practices in the Washington, D.C./Baltimore, MD region, such as new member Pulmonary Critical Care Associates of Baltimore. The company is currently expanding operations to physician clients in the South and Midwest. In addition, DrFirst currently provides products and services to an impressive list of clinics, hospitals and health systems including MedStar Health, Georgetown University Student Primary Care Clinic, Doylestown Hospital, and The Suburban Endoscopy Center.
Pulmonary Critical Care Associates of Baltimore (PCCAB), consisting of 25 physicians and one of the region’s leading pulmonary specialist practices, utilizes the charge capture application in the DrFirst Rcopia Network. Like many other practices, PCCAB estimates that it loses significant revenue from lost or delayed charges. After evaluating the offerings of various companies, PCCAB selected DrFirst because of its technical expertise and responsiveness to client demands. “From my experience, healthcare technologies either ignore the customer’s or promise the world and fail to deliver,” said Eric Lee, Executive Director of PCCAB. “DrFirst is the welcome, rare exception: a company with outstanding technology and responsiveness.”
In addition, during the past two years, DrFirst negotiated key business partnerships with MicroMed Healthcare Information Systems, Inc., a division of Quality Systems, Inc. (NASDAQ: QSII), V-ONE Corporation (Nasdaq: VONE), and First Databank, Inc., and formed its Executive Advisory Board, consisting of key strategists in the healthcare, security, and financial industries.
“In the past two years, our member physicians have experienced the power of computing at the point of care and have found that the flexible integration of our practice management system, electronic medical records and Rcopia products serve their workflow needs,” said Mr. Chen. “As the e-healthcare industry continues to expand over the next few years, we will stay at the head of the pack, leading physician practices and hospitals as they strive to improve efficiencies and clinical functionality while simultaneously meeting new standards and regulations.”
Utilizing the latest advancements in Internet, security, wireless, and Personal Digital Assistant (PDA) technology, DrFirst.com provides a suite of integrated, affordable, intuitive, and easily implemented products and services to the healthcare community. These comprehensive solutions solve critical communication, business productivity, and clinical needs of physicians, clinics, hospitals, and health systems. DrFirst.com delivers its products on both an Application Service Provider (ASP) and Distributive Solutions Provider (DSP) basis to provide the maximum flexibility to fulfill the diverse needs of healthcare providers. The backbone of DrFirst.com’s products and services is its Secure Messaging Exchange (SMX) network, which permits secure messaging and transfer of information between users. Through this platform, DrFirst.com offers a practice management solution that includes automated billing, electronic claims submission and scheduling; a state-of-the-art electronic medical records application; and a complementary suite of integrated products that includes a fully integrated web and PDA-based electronic prescription writing, charge capture, and secure e-mail. More information about DrFirst.com can be found at www.drfirst.com.
Tel: (301) 231-9510
Fax: (301) 231-9512